The long term: Capitalism and culture in the new millennium [Book Review]

Journal of Business Ethics 51 (2):103-118 (2004)
One of the most significant developments in the latter part of the 20th century and the first part of this new millennium has been the triumph of short-term over long-term thinking. We are increasingly a culture that looks neither to the past nor to the future, but only to the next “quarter,” or to the next Delphic pronouncement by Alan Greenspan. This cultural construction of time has given rise to social, political and personal problems of unprecedented magnitude. The short-term focus of contemporary American capitalism is causing us to behave, both individually and collectively, in an increasingly irrational and thus self-destructive manner. Ours is now the most violent, crime-ridden society in the industrialized world. Capitalism is sometimes blamed for this, yet there are other capitalist societies that do not suffer the same evils we suffer. I argue that we can learn from these societies how to correct some of the ills of our own system and in this way construct a new paradigm of the market, a paradigm for the new millennium, a more mature, rational version of capitalism that would focus on the long rather than the short term.
Keywords American exceptionalism  capitalism  competition  conformity  culture  Darwinism  down-sizing  Europe  evolution  flexibility  greed  Hobbes  inequality  laissez-faire  market  natural selection  progress  Protestantism  risk  short term  shortsightedness  socialism  stock  taxes   Tikkun  unemployment  unraveling  values  work
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DOI 10.1023/B:BUSI.0000033605.51733.92
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Göran Svensson & Greg Wood (2008). A Model of Business Ethics. Journal of Business Ethics 77 (3):303 - 322.
Göran Svensson & Greg Wood (2007). A Model of Business Ethics. Journal of Business Ethics 77 (3):303-322.

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